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Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

ExxonMobil reported a $680 million quarterly loss on Friday and announced plans for steep spending cuts, which comes just a day after it revealed plans for major layoffs.

Why it matters: The announcements signal how the company, which has made huge investments in supply expansions in recent years, is struggling to adjust to the sector's new reality.

By the numbers: The third consecutive quarterly loss is smaller than the $1.1 billion loss in Q2, but this morning's announcement nonetheless underscores the oil giant's tough path as the company revealed even deeper planned cost cuts.

  • Exxon also said it's now planning capital spending of $16 billion to $19 billion in 2021, down from $23 billion this year — which itself was a steep cut from pre-pandemic plans.

Driving the news: The result follows yesterday's announcement they will cut 1,900 U.S. staff as part of a wider global reduction of as many as 14,000, which is roughly 15% of their workforce, including contractors.

  • Reductions will come from retirements, layoffs and lower hiring. Reuters has more.

Where it stands: Chevron also reported a $201 million Q3 loss this morning, far smaller than the prior quarter's bleed but a stark contrast to its $2.6 billion profit in Q3 2019.

  • CEO Michael Wirth noted low commodity prices and pandemic-curtailed demand.
  • “We remain focused on what we can control — safe operations, capital discipline and cost management,” he said in a statement.

Meanwhile, France-based giant Total SE posted a $202 million profit.

  • Bloomberg notes that Total is faring better during the pandemic than its rivals, but points out that headwinds remain.
  • "The company boasted of its resilience to oil at $40 in a week when prices slumped below that level as the second wave of the pandemic took hold," they report.

Go deeper

Dion Rabouin, author of Markets
Jan 29, 2021 - Economy & Business

The state of the U.S. economy after one year of the coronavirus

Source: St. Louis Fed; Billions of chained 2012 dollars; Chart: Axios Visuals

The U.S. economy shrank by 3.5% last year, the Commerce Department reported, with the country seeing both its largest quarterly GDP decline and its largest quarterly GDP increase in the second and third quarters, respectively.

Where it stands: The 3.5% decline is the worst year for the U.S. since at least the end of World War II, and the economy is more than $473 billion smaller than it was before the pandemic hit.

Cuomo says words may have been "misinterpreted" following allegations of harassment

New York Gov. Andrew Cuomo at a Feb. 22 news conference. Photo: Seth Wenig/pool/AF via Getty Images

New York Gov. Andrew Cuomo issued a lengthy statement on Sunday saying he " never inappropriately touched anybody" but acknowledged that "some of the things I have said have been misinterpreted as an unwanted flirtation," after two of his former aides accused him of sexual harassment.

Why it matters: Prior to Cuomo's statement, in which he adds that he "never inappropriately touched anybody" or meant to make anyone uncomfortable, the governor's office and the state attorney general went back and forth in a public disagreement about how to investigate the allegations.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."